June 13, 2017 / 8:16 AM / a year ago

Hong Kong stocks rebound despite U.S. tech share slide, expected Fed hike

June 13 (Reuters) - Hong Kong stocks followed most Asian markets higher on Tuesday, recovering some of the previous session’s losses, as investors shrugged off a further slide in U.S. tech shares.

But investors remained cautious ahead of a likely U.S. interest rate hike early on Thursday Asia time. And if the Federal Reserve goes ahead with the raise, Hong Kong will also increase its rates.

The Hang Seng index, which tumbled 1.2 percent on Monday, rose 0.6 percent, to 25,852.10, while the China Enterprises Index gained 0.4 percent, to 10,525.74 points.

Nearly all sectors gained on Tuesday.

Great Wall Motor Co was in the spotlight, after its Hong Kong-listed shares surged 21 percent on Monday, in what was interpreted as a victory for mainland buyers’ over foreign investors in a duel for pricing power in Hong Kong.

The stock was down roughly 2 percent on Tuesday. Great Wall’s Hong Kong-traded shares are 25 percent owned by mainland investors via the Connect schemes. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)

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